Good morning, everyone, and welcome to Nitro's results briefing for the first half year ended June 30, 2021. If you would like to ask a question during this morning's briefing, please make sure you pause the broadcast and navigate back to the Asking a Question button on the home screen. If you click the link to register your name, please enter your name and your organization and the subject of your question. You will then be placed in a queue, and you'll be introduced to the meeting at the appropriate point. I will now hand you over to Sam Chandler, the co-founder and CEO of Nitro. Thank you, Sam. Thanks, Kevin, and welcome everybody. Today I'll be taking you through the first half business and financial highlights, our financial results, the strategy and outlook for the second half, and also beyond. After that, we'll go to Q&A. Ana Sirbu, who is our CFO, is currently on maternity leave, and she won't be joining me today, but will be back next quarter. Instead, our VP Finance, Rohit Shrawagi, is with us today, for the Q&A session. Just a reminder, at the top, as always, that all figures presented are in U.S. dollars. Let's begin with a quick intro, or reintroduction to Nitro, and move into the first half highlights. Turning to slide 4 now. Nitro is a software company building solutions for document productivity and workflow. We're driving digital transformation in organizations right around the world. We help our customers eliminate paper and move to 100% digital document workflows. We help them accelerate their business processes and make those processes more secure and compliant. We now count over 13,000 organizations worldwide as business customers. That is, a customer with 10 or more licensed users and across 175 countries. We also have deployments in 67% of the Fortune 500. While some of those deployments may be small, they do provide a base from which to expand. Today, 14% of the Fortune 500 are scaled customers with 100 or more licensed users. In fact, if you look at our top 10 customers, we have over 300,000 licensed users or an average of 30,000 people per customer, for the top 10 customer, using Nitro at our largest accounts. That's real scale and testament, I think, to the quality of our product and our service offering. If you had to describe Nitro and our business model in a few sentences, then this slide is it. You know, we're a high-growth, recurring revenue SaaS business with a very large global market and products for the PDF productivity and e-signing, as well as workflow, digital identity, and analytics. These make up the Nitro Productivity Platform that's now used by many of the world's best-known companies at significant scale. While our history is predominantly in PDF productivity, in December, we acquired Connective. Connective is a European leader in e-signing, arguably the strongest high-trust signing product on the market today. That acquisition significantly expanded our enterprise e-signing and workflow capabilities and gave us best-in-class support for digital identity-backed signing. In terms of our financial profile, even though the company has operated at or around cash flow breakeven for much of its life, the most recent period has been one of investment and operating losses. We are, however, committed to returning to cash flow positive for the second half of next year. Moving to slide 6 now. You can see our strong annual growth rates in the half on ending ARR. If you look at subscription revenue and revenue, we also have strong growth stories. This year, just at this half, we surpassed $50 million of ARR scale, something of a milestone in enterprise software, after more than doubling ARR in just two years. We only began selling subscription in 2016, so it's taken six and a half years to get to that $50 million of scale. Subscription revenue for the half was $23.5 million, up 55% year-on-year. Total revenue for the half was $32.7 million, up 36% year-on-year. These numbers are all inclusive of Connective. I'd like to talk now about added ARR and some of our key SaaS metrics, as outlined on slide 7. While total ARR in the period was roughly the same as the first half, 2022 added ARR, new and expansion ARR added was actually slightly higher. But the contribution from flips reduced substantially. You can see that here in orange on the chart on the right. This is because our transition to a subscription business model in our business sales channel was effectively completed in the second half of last year, and there will be very little flip contribution to ARR in 2022. That is maintenance and support contracts that are converted to subscription licensing. We had expected a greater step up in added ARR in the half. In addition to the cessation of the material flips contribution, the macro environment and sales execution were also factors. We'll talk a bit more about the actions we've taken to improve performance and efficiency a bit later. In terms of our SaaS metrics, they remain strong. Gross retention and net retention remain high, roughly in line with prior periods at 94% and 113% respectively. While subscription revenue increased to 72% of total revenue, up from 63% last year. LTV to CAC, or the lifetime value of a customer compared to the cost of acquiring that customer, was 4.2x. To call out some other financial highlights or key metrics. We generated record cash receipts from customers in the period up 43% year-on-year to over $33 million. Reflecting the continued investments we were making in the business, our operating EBITDA loss for the half was $6.3 million. We finished with a cash balance of over $35 million and zero debt. Moving now to slide 9 to some product highlights. We've chosen a few fun facts and stats that we thought we'd share with you today to give you a good sense for the scale of usage across the Nitro Productivity Platform. You can see here that in the six-month period, we sa 7.8 billion pages opened in Nitro products. Fun fact is that laid end to end, these documents would wrap around the world 58x. In that same six months, users spent a total of 46 million hours in Nitro Pro, for an average time spent per user per month of nine hours every month, or just over one full working day per month. If you look at Nitro Sign usage and the replacement of paper-based workflows, previously paper-based contract workflows, up to 11,000 trees were saved and nearly 4,000 metric tons of CO₂ emissions were avoided by using e-signatures instead of paper-based ones, across the 94 million pages of documents that were signed by Nitro Sign. Finally, the chart on the right, which is perhaps a little hard to interpret at first glance, shows that at any point in a twenty-four-hour period, up to 315,000 people were using Nitro products. At any minute, you know, up to 315,000 people use Nitro products. Even at the quietest hour in that twenty-four-hour cycle, or quietest minute, which aligns with the middle of the night in North America and Europe, we still have nearly 100,000 active users in that minute. Pretty significant scale. Moving now to talk a bit more about the Connective integration. Provide a quick update there. Firstly, the team is fully integrated now in the Nitro organization. Every Connectivian is now a Nitronaut. Secondly, from a product point of view, an important development during the half was that we implemented local data residency support for the U.S. and Australian markets, which is important for high trust use cases where data sovereignty is paramount, particularly in highly regulated industries and in government. We already have excellent feedback from customers, prospects, and our frontline teams on those releases. Third, we have now completed most of our key sales enablement activities, and this has taken longer than anticipated, but we are pleased with the general level of knowledge and enablement in the team now as we move through Q3. Fourth, even though we have reduced our synergy revenue guidance for this year from $2.5 million down to $1 million, that's primarily a factor of a slower start on enablement and readiness and a reflection of the broader macro environment than anything else. We weren't where we wanted to be at the end of Q2 in terms of rolling out, you know, combined offerings and getting sales teams enabled and in particular closing deals, but the Nitro team did create over 250 Connective cross-sell opportunities in the first half and almost all those in the four months from March to June. Really ramping nicely now. Customer interest in Connective's product is high and the pipeline's growing fast and so we need to now prove we can close on that. Fortunately, you know, the product itself has been proven by Connective, and we are continuing to improve our sales effectiveness there every quarter. We do have some very interesting and large deals in the pipeline and expect to provide some more detail on some of those wins when we report on the second half. For now, we actually do have one Nitro Sign Premium win to share already in our customer spotlight section today. As we reflect on the Connective acquisition, moving here to slide 11, I just wanna take 30 seconds to talk briefly about the size and growth of these document productivity and workflow markets. Firstly, the market's very large. We estimate $11 billion for PDF productivity and $17 billion for e-signing, and that's based on ground-up models that take into account average account values and the total number of potential customer accounts. We think a majority of the revenue in both markets is in the mid-market to enterprise segments, and that is where we are focused. We also think that e-signing and online document transactions more broadly will become much more reliant on digital identities for higher levels of security and trust and compliance. In that vein, moving on to slide 12, when we look at e-signing specifically, which has been expected to grow at a near 30% CAGR over the next decade, we're firm believers that high-trust signing, that is signing backed by digital identities, will become the new standard. As you can see here, electronic identity adoption is forecast to grow at a 44% CAGR through 2025, and we believe very strongly that the growth rates for high-trust signing will exceed those for other forms of signing. High-trust signing can virtually eliminate fraud and reduce back office compliance costs dramatically. You know, high-trust signing ensures secure and legally enforceable contract execution every time. It's actually quite tricky to do. Handling digital identities across multiple countries and legal jurisdictions is challenging. Fortunately, the Connective product offering and the Connective team are true pioneers and leaders in this space, and we're very excited to now be bringing those capabilities to the world and to our customers. There's no doubt that e-signing adoption grew rapidly during the pandemic, but so much of the market remains under-penetrated. I think it's really important to say that e-signing, just like any form of electronic document workflow productivity, it's not once and done. Like all forms of technology, there's constant evolution in standards and best practices and performance and security and much more. We remain very bullish on the long-term prospects for e-signing, particularly in high-trust signing in these growth markets. Moving to slide 13 now, you can see a selection here of big logos from the half. These wins include new customer wins as well as expansions and renewals. I think this slide clearly conveys the global industry-wide reach that we have and the number of household names that we have using our products. Whether it's the world's largest industrial companies like GE or Continental, energy super majors like BP, or familiar, you know, consumer names like Nestlé or lastminute.com. We are used by some of the most recognizable companies in the world. Combined with the scale of our product usage that we showed earlier, these are the sort of things that make our teams very proud to be Nitronauts. You know, what is our difference and why are so many organizations, you know, big and small, choosing Nitro? Well, we think it's for these reasons shown here on slide 14, including key points of difference, like being able to get multiple solutions from one vendor, or our ease of deployment and ease of use, or our totally unique analytics capabilities, or our, you know, category-leading sales and service experience. You know, that experience consistently delivers net promoter scores of well over 50 up into the high 60s, and customer satisfaction scores, you know, well into the 90s. Why don't we actually take a look at some customer case studies here from the first half to kinda see the Nitro value proposition through the customer lens. The first spotlight we have here on slide 15. This customer started with Nitro just last year with an initial PDF Productivity deployment for over 1,200 users. This company's in the manufacturing industry. They have over 20,000 employees. They are headquartered in Germany, but they have operations globally. At the time of the Nitro PDF Pro deployment last year, this customer expressed an interest in Nitro Sign, but were clear that any e-signing solution they chose would need to be able to scale to become their global standard. Because they had significant operations in Germany, where high-trust signing is a requirement, and they have operations in 60 other countries around the world, that meant they needed comprehensive high-trust signing capabilities, as well as broad support for complex product integrations. Now, prior to the Connective acquisition, we didn't have a shot at winning this e-sign business. We didn't support AES or QES signatures or complex integrations. However, as soon as that acquisition was complete, and given our proven performance in PDF productivity, you know, we had a very happy customer, we were shortlisted for the German region e-signing RFP. Thanks to the, you know, the combined strength of the Nitro and Connective offerings, we won that RFP. We have actually been chosen as the new e-sign standard for the company. We expect signature volumes here to scale significantly from their starting point of 60,000 signatures per year. There is very much, you know, global expansion potential in all countries that this customer is operating in and serving around the world. I think this spotlights a wonderful example of the clear benefits of the Connective acquisition on our product roadmap and our ability to expand the Nitro footprint and move up the value chain within our accounts. In particular, operate in more complex regulatory environments and do cross-jurisdictional signing anywhere in a high-trust way. Yeah, really good sort of first proof point of leveraging the Connective offering, you know, into the existing Nitro customer base. Second spotlight here, guys, moving forward to slide 16. This one shows the increasing scale of Nitro usage and actually the associated environmental impact at a Fortune 100 conglomerate. You know, these guys have been a Nitro PDF Pro customer for many years. This customer interestingly started with literally a single license and today has scaled to over 30,000 users. You know, these guys have 30,000 people using the product, you know, every day. Nitro is the global standard for PDF productivity. This customer, it is the default solution for all new employees. At this customer, Nitro is used very heavily in business-critical contract workflows. If you look at Nitro Analytics, what it shows is a huge amount of form-filling and signing activity. In fact, if you add up all the pages of contracts that were signed with Nitro Pro, even excluding all the form filling activities without a signature, just signature, you know, completed or signature added documents, it totals two million, more than two million pages since we began collecting data just a couple of years ago. And if those documents had been printed and signed the old-fashioned way, it would add up to 250 trees worth of paper and 85 tons of CO₂. This is a great example of kind of the massive scale we can achieve at some of the world's largest companies, and it shows the environmental benefits that are incremental to the business benefits and the power really of Nitro Analytics to measure and tell that story. Moving forward to slide 17. This is the third and final customer spotlight today. I love this one because it shows how the combination of Nitro and Connective is now positioned to solve for all PDF productivity and e-signing use cases, and how our customers can expand on multiple dimensions, licenses and products and use cases, and how we can displace legacy vendors entirely in both categories. This customer is a large U.S. insurer. They began as a Nitro PDF Pro customer many years ago with perpetual licenses. They switched to a Nitro Productivity Suite subscription in 2020 when the pandemic hit, specifically to get access to Nitro Sign, which of course at that time offered relatively simple e-signing capabilities. Nitro was deployed to new e-signing use cases, but also actually replaced a number of Docusign deployments. However, some Docusign use cases, you know, could not transition to Nitro Sign at that time due to our feature limitations. Fast-forward to 2022, with Nitro already handling 80% of e-signing use cases. Following the acquisition of Connective, we're now in talks to scale to 100% of e-signing use cases at that customer. This is in addition to scaling up to 10,000 licensed users this year already. In fact, at this customer, every single employee is licensed to use Nitro. This is a really fantastic story because this account, which was once partly Adobe, partly Docusign, and more recently, you know, partly Nitro, will soon be 100% Nitro. It's a wonderful example of how we can, as I said, displace legacy vendors in their entirety now across both the PDF productivity and e-signing categories. Whereas previously, we were really only able to do that complete displacement prior to the Connective acquisition in the PDF productivity category. Guys, with that, we'll move to the financial results, which in the absence of Ana, I will take you through today. Turning to slide 19. The first half of 2022 was our first full half following the Connective acquisition, and as such, all of these numbers are inclusive of Connective. As I said, while we did not see the added ARR result we wanted in the half, it was another 12 months of strong annual ARR growth, and ending ARR was up 52% year-on-year, increasing by $17.6 million in the first half of 2021 to $51.5 million. In parallel with ARR, our subscription revenue also grew at a fast clip to $23.5 million, an increase of $8.4 million and up 55% year-on-year. Total revenue increased by $8.6 million in the half to $32.7 million. That was up 36% year-on-year. Perpetual revenue was effectively flat at $9.2 million. That's in line with our expectations, given that we've been transitioning the business to a subscription sales model, and perpetual has been declining as a proportion of total revenue. Gross margin decreased slightly from 92% to 90% following the acquisition of Connective. Connective has a different bookings mix and a slightly lower gross margin profile than Nitro. Of course, these are still best-in-class margins for SaaS, and this is where we expect them to remain. In terms of our operating expense profile, sales and marketing costs increased by 34% year-on-year, but remain stable at 58% of revenue. R&D expenses increased 58% and now represent 28% of revenue. That's up from 24% in the first half of last year. That proportion shift is reflective primarily of the acquisition of Connective, who like, you know, most early-stage companies, have a majority of OpEx focused on engineering. G&A expenses were up 42% year-on-year, but again, remain stable as a proportion of revenue at 23% of revenue. Operating EBITDA, which is the metric that we use, that you can think of as a proxy to cash flow. You know, it was a loss of $6.3 million in the half, compared to a loss of $3 million last year. While that is a wider loss on both a dollars and a margin basis than the same period last year, it of course reflects the prior investment plan that we had coming into the year. With our updates to guidance this year, we have changed course already in 2022, and we've made it clear that we're returning to a lower cash burn profile that's reflective of the market environment, and what we think is the right profile for the business anyway, to accelerate our return to being cash flow positive. Moving now to slide 20 on ARR and revenue. We won't spend much time on this. This is actually ARR and subscription revenue specifically. You know, the story here is quite simple. Whether Connective is included or not, we have more than doubled ARR and subscription revenue in the two years to June 30, with CAGRs of 54% and 60% respectively. The charts and CAGRs shown here, you know, are inclusive of Connective. Yes, the key point is that with or without Connective, we've more than doubled ARR and subscription revenue in the two years to June 30. Moving to slide 21 now, which is showing total revenue. You know, CAGR in that same period was 31% inclusive of Connective, with the first half of this year delivering, as we said before, $32.7 million and exceeding actually our expectations. Moving to slide 22 now to look at transition to subscription. We previously said that our transition would effectively be completed in our business sales channel in 2021, and it was. Here you can actually see that we surpassed 90% subscription revenue in the business sales channel in the first half, which is a great milestone. Really the only place we still sell any perpetual licenses is in the channel in developing markets specifically, and that will also shift to subscription over time. For reference, we have two primary sales channels. It's our business sales channel, which represents about four-fifths of our revenue today and growing as a proportion of the total, and our online sales channel, where we still sell perpetual licenses exclusively. That will also transition to subscription over time. Very much completed, you know, in terms of the transition to sub in this business sales channel. Guys, for I think the final slide in this finance update, just a very quick couple of comments on balance sheet. You know, the balance sheet is strong. It gives us the working and growth capital we need for our return to cash flow positive. As we've discussed today already, we finished the half with $35.2 million of cash and no debt. I will just call out here that you will see a reduction of around 10% in intangible assets. That intangible assets column includes the acquisitions of PDFpen and Connective. That reduction is due to the amortization schedules as well as foreign exchange movements that were unfavorable in the period. Otherwise, fairly straightforward here. Moving now to our final presentation section. We'll cover a quick refresh on the market opportunity and the growth levers and provide an update on the go-to-market restructure and the cost savings initiatives and then guidance and Q&A. Firstly, turning to slide 25 here. We'll talk about how we position for current and future opportunities. We believe the opportunity in front of us is extremely compelling. If you look at top enterprise IT opportunities in 2022, Nitro delivers against all five. You know, high trust signing and eID-powered workflow fits very neatly with security, identity, and privacy at number one. Creating digital capability and building modern workplace and modernizing legacy systems, adopting cloud services are all initiatives that Nitro directly supports with our PDF productivity and e-signing solutions, and the Nitro Productivity Platform broadly. When it comes to the long-term trends in digital transformation and in software generally, I think there's a few things to bear in mind. You know, the category lines are blurring here. Customers are increasingly describing what they want in terms of describing or articulating a desired solution rather than saying they want a product from category A and a product from category B. These customers are increasingly category agnostic. They just want vendors who can do more across more product categories, providing more use cases and capabilities, and doing so in more integrated ways and with better reporting and better analytics. Another consideration here too is that digital transformation is really a journey. It's not once and done, and there's no doubt that e-signing adoption grew rapidly during the pandemic. As we discussed earlier, so much of the global market remains unpenetrated and the constant evolution in standards, best practices, performance, security, expanded use cases, and much more really creates continued multi-year opportunity for us. We are very bullish about the long-term prospects for e-signing, as I said, particularly in high-trust signing. As these product lines blur and customers demand platform providers who can do more with high levels of trust, you know, we are very well positioned to succeed, not just in our current core categories, but the market, you know, opportunity over time certainly can scale into multiple adjacent categories. Whether it's the, you know, current core or the broader opportunity, we have multiple levers for growth, as you can see here on slide 26. You know, the expansion opportunity alone in our base of 13,000 customers is very high. You know, almost all of our customers have enormous runway for growth. I think the case studies today highlight that point, but frankly, they barely scratch the surface. We're early in the journey in terms of PDF productivity license penetration, and even earlier on use case adoption and volume scaling for e-signing. We're only in the first innings of the combined opportunity. The new business opportunity remains, you know, very much global in all our key markets and many markets we haven't even focused on yet. It spans virtually all industries. Whether it's a white space sales motion or displacing an incumbent solution, you know, we're well positioned. Our value proposition, especially on pricing compared to legacy products, is particularly compelling in a tougher economic climate like we're in right now. You know, we also have myriad options when we think about levers for scaling our marketing distribution through the channel as well as partnerships. Look, while we don't anticipate any M&A activity in the near term given market conditions, both product and technology as well as go-to-market partnerships remain attractive. Of course, we still have a ton of scope for roadmap expansion. Even within our current product lineup, there's enormous opportunity. We talk a lot about PDF productivity and e-signing, of course, but we have incredible opportunity in identity, analytics, and workflow too. With that, let's move on to talk a bit about our go-to-market restructure, provide a quick refresh on that, and the broader cost savings initiatives. As we discussed at our most recent trading update, we had planned and indeed begun implementing changes to our go-to-market organization coming into the new quarter. That restructure focused on two goals. Number one, effectiveness. Number two, efficiency. You know, with effectiveness all about driving improved sales performance, and with efficiency, it's about getting better sales and marketing efficiency and unit economics that really helps our return to cash flow positive. For effectiveness, we've got a number of initiatives that have rolled out already that are designed to simplify the way we segment our customer base and prospect to new customers, the way we manage the sale of PDF productivity and e-signing solutions side by side. These initiatives are better aligning the sales and marketing and customer success as well as channel organizations in this new multi-product world. There's also a strong focus on sales rep enablement now, you know, for sort of cross-product enablement in particular. For efficiency, the goal is just very simply to do more with less. With this new lower cost structure and a more optimized org design, we can significantly improve key productivity and efficiency metrics like customer acquisition cost or CAC and payback period. We've already reduced the go-to-market organization size by 13%-14%. Those changes were made last month. We have reduced our future hiring plan. We've simplified the overall org structure and we've done a whole bunch with creating new processes and systems for opportunity rounding and routing and customer account management and much more. All these changes, including a very sharp focus now on new economic discipline, will drive efficiency improvements in the company's overall financial profile. That will help with the acceleration of our return to cash flow positive. Most of the material planned changes have been implemented already. You know, the update is that the teams have responded well to that actually. Tracking as expected. Moving to slide 28 now, which just shows the cost savings initiatives and the kind of total incremental cost out. Between the go-to-market restructure as well as the changes in product engineering and G&A, as well as other cost savings initiatives, we're on track to achieve this $5 million in savings against our internal plan for the second half. Just a reminder that these savings are incremental to the savings and improvements to the financial profile that we outlined, you know, in our update to the market, earlier in the year. Yes, tracking to plan. Moving to slide 29 now. We'll close today with just a reiteration of our most recent guidance update, you know, for FY 2022 and then we'll move to Q&A. A reminder again that as always, numbers are in U.S. dollars. We're expecting ending ARR this year between $57 million-$60 million. That represents 24%-30% growth year-over-year. We're expecting total revenue of between $65 million-$69 million, which represents 28%-36% growth year-over-year. Our operating EBITDA loss is expected to be in the range of $10 million-$13 million. I do also wanna reiterate that we are committed to being cash flow positive at the second half of next year. With that concludes the formal part of today's briefing. Thank you very much for joining us. We really do appreciate your support as shareholders as we continue building and scaling this business. We know that the economy and the markets are tough places right now, but the Nitro management team continues to stay focused on the things that we can control. Fortunately, we have a business with proven products and happy customers and a large market opportunity, as well as a multi-decade tailwind in digital transformation in the cloud. All that combined with our amazing team means that we are very excited about the future and you know we look forward to having you on this journey with us. With that, we will go to the questions. Thank you, Sam. Just to let you know, we don't have anyone in the queue for questions just yet. Just as a reminder for everyone on the call, if you would like to ask a question, please, can you navigate back to the homepage in the Lumi platform and under the subject, it says, "Ask a question," and there's a link where you can click. If you click that link, you'll then be asked your name and your organization and the subject of your question, if you have one, and then click Connect. Once you've clicked Connect, we'll then be able to activate your microphone and you'll be able to speak directly to Sam and the team and ask your question. Just as a final reminder, if anyone did have a question that they wish to ask, if they navigate back to the homepage in the Lumi platform and under Asking a Question, there is a link that you have to click on, and then you'll be asked to enter your name and your organization and the subject, if any, and click Connect. You'll then be placed in the queue, and you'll be joined to the meeting to speak to Sam. As it seems there are no questions, I will now hand back to Sam to close out the presentation. Please go ahead, Sam. Well, thank you everyone for joining us today. We, as I said before, really appreciate your support. We look forward to updating you again at our next trading update in a few months' time, and then again after the close of the second half and the full year. Thank you very much, and everyone have a great day.